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Hanlong Mining acquires 55% stake in the Australian producer of molybdenum.

China Hanlong Mining Investment Pte. Ltd completed a deal worth $ 200 million for the purchase of 55% stake in Australia's Moly Mines Ltd, reports news agency Dow Jones. The agreement provides for the development of a molybdenum mine Spinifex Ridge — the first major development Moly molybdenum for more than 25 years. Hanlong to invest in the project Moly Mines $ 140 million in addition to the $ 60 millionth loan to the company. «These investments reinforce our serious commitment to investment in the Australian resource sector," — said in a statement, managing director of Hanlong Hui Xiao.